Park Min-gyu Calls for Blockchain, Stablecoin Regulatory Reform by Year-End

Democratic Party legislator Park Min-gyu called for accelerated legal and regulatory reforms in South Korea’s blockchain and stablecoin industries at a seminar held on June 12 at 2 PM in the National Assembly Building’s Room 3. Speaking at an event titled “U.S. Stablecoin AML Regulatory Framework and Korea’s Special Financial Information Act Reform,” Park emphasized the need to complete regulatory improvements before the end of the year, particularly following local elections scheduled for June 3.

Park’s Call for Regulatory Urgency

Park stated that “before it is too late by the end of this year, I hope that blockchain-based innovative technology and stablecoin-related systems become major momentum for our country’s innovation economy.” He stressed that the National Assembly must work to reflect expert input and finalize legal and regulatory frameworks without further delay.

Addressing seminar participants, Park declared: “We will create laws and systems as the experts advise,” signaling commitment to incorporating field perspectives in future virtual asset (digital asset) regulatory discussions.

Regulatory Gap and Global Competition

In his full remarks, Park highlighted that South Korea cannot continue postponing institutional reforms in blockchain and digital assets. He noted that while experts have held multiple discussions, “the pace of institutionalization in the field still falls short of market and technological progress,” expressing concern over this gap.

Park emphasized that major global markets are rapidly advancing blockchain-based finance and stablecoin industries, with leading nations already implementing regulatory frameworks to compete for dominance in digital financial order. In contrast, he stated, South Korea continues to face institutional uncertainty that prevents the country from adequately keeping pace with industry and technology development.

Blockchain’s Broader Innovation Role

Park characterized blockchain not as a simple investment market but as connected to diverse innovative technologies. He cited digital payments, asset tokenization, and next-generation financial infrastructure as emerging industry changes already materializing. He warned that prolonged regulatory gaps risk domestic enterprises and talent moving overseas.

“What is ultimately important is preparing laws and systems suited to market and technological changes in a timely manner,” Park stated, calling on the National Assembly to maintain continuous communication with field experts and update regulatory and legislative systems without further delay.